Algorand staking now compatible with Ledger wallet's desktop software

Popular hardware wallet company Ledger added Algorand's ALGO token to the list of wallet-compatible assets available on its desktop app, Ledger Live, allowing holders to store and stake the asset.

“The integration with Ledger Live will provide users with additional opportunities to earn passive income, ensuring the highest level of control and flexibility," Ledger's CEO, Pascal Gauthier, explained Tuesday in a statement provided to Cointelegraph. The addition also means storage compatibility for tokens built on Algorand's blockchain, known as Algorand Standard Assets.

Assets built using proof-of-stake technology mean holders can earn passive income by helping to provide consensus for the associated blockchain. Algorand holders can now stake their ALGO coins passively while storing them on their Ledger wallet devices, interacting with their holdings as needed via the Ledger Live desktop interface.  

The hardware wallet provider also boasts staking and storage compatibility for Tron (TRX), Cosmos' ATOM and Tezos (XTZ). 

Ledger has made a number of headlines in 2020, including a rough patch the company faced, which included a data breach and wallet vulnerability.